RAPP financial statements
The full income statement, balance sheet, and cash-flow statement for Rapport Therapeutics Inc. (RAPP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 125M+50.6% | 83.1M+129.6% | 36.2M | ||
| Research & development | 94.8M+55.6% | 60.9M+117.6% | 28.0M | |
| Selling, general & administrative | 30.3M+37.0% | 22.1M+170.4% | 8.18M | |
| General & administrative | 30.3M+37.0% | 22.1M+170.4% | 8.18M | |
| Operating income | -125M-50.6% | -83.1M-129.6% | -36.2M | |
| Interest & investment income | 13.6M+12.2% | 12.1M+380.3% | 2.53M | |
| Other non-operating income | 13.6M+186.8% | 4.75M+238.4% | 1.40M | |
| Pre-tax income | — | -78.3M-125.2% | -34.8M | |
| Income tax | 0.00 | 0.00-100.0% | 10.0K | |
| -111M-42.4% | -78.3M-125.1% | -34.8M | ||
| Net income to common | -111M-42.4% | -78.3M-125.1% | -34.8M | |
| -$2.86+24.3% | -$3.78+83.6% | -$23.10 | ||
| EPS (basic) | -$2.86+24.3% | -$3.78+83.6% | -$23.10 | |
| Weighted-avg shares (basic) | 38.9M+87.7% | 20.7M+1277.3% | 1.51M | |
| Weighted-avg shares (diluted) | 38.9M+87.7% | 20.7M+1277.3% | 1.51M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 499M+60.9% | 310M+105.3% | 151M | ||
| Cash & equivalents | 52.6M-7.3% | 56.8M-19.0% | 70.2M | |
| Short-term investments | 438M+76.2% | 248M+221.4% | 77.3M | |
| Cash & short-term investments | 491M+60.7% | 305M | — | |
| Accounts receivable | 0.00 | — | — | |
| Prepaid expenses | 7.92M+79.2% | 4.42M+33.5% | 3.31M | |
| 512M+62.7% | 315M+102.6% | 155M | ||
| Property, plant & equipment | 2.98M-15.7% | 3.53M+84.2% | 1.92M | |
| Operating lease right-of-use | 9.91M+587.2% | 1.44M-30.8% | 2.08M | |
| Other non-current assets | 985K+515.6% | 160K-71.0% | 551K | |
| 19.0M+117.3% | 8.77M-0.4% | 8.80M | ||
| Accounts payable | 4.19M+114.4% | 1.95M-21.9% | 2.50M | |
| Accrued liabilities | 12.1M+99.2% | 6.08M+7.9% | 5.63M | |
| Current lease liability | 2.75M+273.8% | 737K+10.0% | 670K | |
| 27.8M+192.2% | 9.51M-34.3% | 14.5M | ||
| Non-current lease liability | 8.73M+1081.2% | 739K-49.9% | 1.48M | |
| Operating lease liability (total) | 11.5M+678.0% | 1.48M-31.2% | 2.15M | |
| 485M+58.7% | 305M+1291.5% | -25.6M | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | |
| Common stock | 48.0K+29.7% | 37.0K+825.0% | 4.00K | |
| Additional paid-in capital | 719M+67.4% | 430M+2070.4% | 19.8M | |
| Retained earnings | -235M-90.1% | -124M-172.3% | -45.4M | |
| Accumulated other comprehensive income | 546K+204.6% | -522K-13150.0% | 4.00K | |
| Total liabilities & equity | 512M+62.7% | 315M+102.6% | 155M | |
| Common shares issued | 47.8M+30.6% | 36.6M+777.1% | 4.17M | |
| Common shares outstanding | 47.8M+30.6% | 36.6M+777.1% | 4.17M | |
| Shares outstanding (cover) | 47.8M+31.0% | 36.5M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| -87.5M-34.9% | -64.8M-138.5% | -27.2M | ||
| Depreciation & amortization | 1.02M+21.2% | 839K+649.1% | 112K | |
| Share-based compensation | 18.9M+84.2% | 10.2M+190.4% | 3.52M | |
| Change in payables | 2.21M+740.2% | -346K-140.4% | 856K | |
| -187M-10.2% | -170M-115.8% | -78.9M | ||
| Capital expenditure | 616K-74.4% | 2.40M+47.0% | 1.64M | |
| Free cash flow | -88.1M-31.0% | -67.2M-133.3% | -28.8M | |
| Acquisitions | 0.00 | 0.00 | 0.00 | |
| Purchases of investments | 355M-6.0% | 378M+388.9% | 77.2M | |
| Sales/maturities of investments | 168M-20.0% | 210M | — | |
| 271M+22.2% | 222M+52.7% | 145M | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00-100.0% | 54.0K | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| Net change in cash | -4.16M+68.8% | -13.3M-134.1% | 39.1M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 1.45B+124.0% | 647M | — | |
| P/B | 3.0×+41.1% | 2.1× | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: RAPP’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all RAPP filings on SEC EDGAR → Not investment advice.